We see ICICI and Videocon tank

Not surprisingly, ICICI Bank and Videocon Industries are the top losers on the BSE. ICICI Bank has tanked over 5.5% to Rs.263 levels while Videocon Industries hit the 5% lower circuit at Rs.12.42.

A nexus, which we all often talk about and know it exists has surfaced; only thing we thought private sector banks were more professional than PSU banks where such occurrences are routine; apparently all are the same.

The CBI is currently conducting an enquiry into an alleged quid pro quo between Videocon Group and ICICI Bank’s CEO, Chanda Kochhar, her husband and family members.

SEBI has snarled its teeth and is beginning investigation as this could become a case of lack of disclosure and major corporate governance issue.

 Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.